New York Stock Exchange Launches First Trade NFTs
The New York Stock Exchange (NYSE) has launched a series of crypto collectibles, also called non-fungible tokens or NFTs.
Tokens Commemorate First Trades
The exchange has created six tokens that commemorate the first listings of publicly traded companies.
NYSE president Stacey Cunningham wrote in an announcement: “At the NYSE, we love to celebrate moments. It seems fitting to launch our own NYSE First Trade NFTs as a new, fun way to mark the moment a company joins the NYSE.”
The NFT lineup includes tokens related to the streaming site Spotify, the gaming companies Unity and Roblox, the delivery service DoorDash, the South Korean e-commerce company Coupang, and the cloud computing services company Snowflake.
The NYSE highlighted Spotify, which carried out a direct listing as an alternative to traditional IPOs. It also drew attention to Coupang, which ran the the largest U.S. IPO this year by raising $4.55 billion.
The tokens are listed on Crypto.com, which also lists NFTs for high-profile sellers such as Snoop Dogg, Aston Martin, and Boy George.
How Much Will the NYSE Earn?
At the time of publishing, the NYSE’s NFT tokens have not attracted any bids. Given that NFTs from TIME and the New York Times have fetched hundreds of thousands of dollars, the NYSE’s collection could attract bids of comparable size.
The NYSE acknowledged that it will likely create more tokens as more companies join its community. “There will be many more NYSE NFTs to come,” it stated in its press release.
At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.